AOL CEO Says Company ‘Severely Undervalued’ in Light of IPOs

In his opening remarks during a day of presentations to investors last week, the AOL Inc. chief executive pointed to the high-flying valuations of smaller technology companies that have recently gone public, some without profits, as a sign investors have “severely undervalued” AOL.

Mr. Armstrong returned to the refrain at the end of the meeting in downtown Manhattan. “I believe if we had taken everything we showed you today separately and trotted it down a few blocks from here to Wall Street and showed them what we’ve seen, I think the valuation of this company would be dramatically different,” he said.